Budget 2024 Expectations: Will Nirmala Sitharaman provide income tax relief

Budget 2024 Expectations Live Updates: Anurag Goel, Director at Goel Ganga Developments, said that in the upcoming budget “putting an extreme focus on infrastructure could turn the tables synonymously for real estate investment opportunities. With the government's ambitious investment target to the tune of ₹111 lakh crore in infrastructure up to 2025 under the National Infrastructure Pipeline, we expect a significant spillover in real estate investments. The proposed ₹25 lakh crore just for road infrastructure could unclog new real estate hotspots along significant corridors. Besides, there was also the planned investment of ₹19 lakh crores in urban infrastructure, which could act as a harbinger of change in the entire landscape of urban regeneration projects and open up lucrative opportunities in the city center. ”

Chetan Jain, Founding Executive Director, and Managing Director, Inspira Enterprise, said, “As we approach the Union Budget announcement, it is imperative that we focus on fortifying India's digital infrastructure across critical sectors with increased budgetary allocations, prioritizing cutting-edge technologies and robust infrastructure development. In alignment with the Digital Personal Data Protection Act (DPDPA), this budget should promote the design and implementation of comprehensive cybersecurity programs, reinforcing the legal framework for data privacy. Furthermore, tax incentives for organizations investing in cybersecurity are crucial to strengthening our defense mechanisms. Additionally, significant support is needed to cultivate cybersecurity talent through targeted skill development initiatives. The budget should also enable further impetus with policies that support innovation in Generative AI (GenAI), particularly in transforming the cybersecurity landscape”

Budget 2024 Expectations Live Updates: Rajarshi Bhattacharyya, Co-Founder, Chairman and Managing Director, ProcessIT Global, said, "Cybersecurity is one of the biggest risks we face today, and it is crucial to encourage and incentivize both private and public enterprises to invest more in cybersecurity technologies. To achieve this, we need the government to support cybersecurity service providers with accessible loans and tax incentives which will boost overall investment in this critical domain. Additionally, startups and SMEs require assistance in implementing cybersecurity measures and solutions. Government agencies should prioritize investing in digital infrastructure development, focusing on high-speed internet and 5G networks to ensure a secure and resilient digital future. These measures should be a key focus in the upcoming union budget.”

Budget 2024 Expectations Live Updates: Prasad Shejale, Founder and CEO LS Digital, said, "As India aims to solidify its position as a global digital leader, we eagerly anticipate budget policies that provide substantial support for setting up robust digital infrastructure. Key expectations include initiatives specifically targeted at businesses undergoing digital transformation, particularly in the areas of Machine Learning (ML) and Artificial Intelligence (AI). Such measures will not only drive innovation and enhance productivity within the country but also bolster India's competitiveness on the global stage. By facilitating access to advanced technology and ensuring affordability, the budget can play a pivotal role in empowering Indian businesses to excel in the digital age and contribute to the global digital economy."

Budget 2024 Expectations Live Updates: Tarun Singh, Managing Director of Highbrow Securities, said, “As the Union budget approaches, I am optimistic about transformative reforms that will uplift the MSME sector, a cornerstone of our economy. I foresee significant initiatives aimed at investment in human capital, improved credit access, streamlined listing processes, extended moratoriums, lower interest rates, and interest subvention schemes. These measures are poised to empower MSMEs by reducing operational costs, enabling them to expand their customer base, and enhancing their competitiveness on a global scale. This, in turn, will significantly contribute to India's trajectory towards becoming a global economic superpower."

Budget 2024 Expectations Live Updates: Chinmay Hegde, Co-Founder, CEO, and Managing Director of Astrikos.ai, said, "In the upcoming union budget, we would be happy to see the government prioritizing funding for AI-driven infrastructure management, particularly for command-control centers and ports. A dedicated budget allocation for Infra-AI is essential to foster innovation and efficiency. Tax incentives should be introduced to encourage the adoption of AI and machine learning solutions across organizations. Relaxation of tender norms will facilitate smoother implementation processes. Supporting organizations in building and upgrading next-generation data centers is imperative for scaling AI capabilities. Grants should be allocated for sustainable and green urban infrastructure projects leveraging AI technologies. Increased R&D funding for AI under DST grants will spur technological advancements. Enhanced funding for AI implementation in industrial sectors will drive smarter operations and economic growth."

Budget 2024 Expectations Live Updates: Dr. Krishna Prasad Chigurupati, Chairman and Managing Director, Granules India Limited, said, “The pharmaceutical industry needs more investment, and the government must incentivize and fund cutting-edge drug research and development. Streamlining regulations to speed up approvals for new treatments and investing in educating a workforce skilled in pharmaceutical innovation are crucial. Simultaneously, authorities need to weed out players that don’t conform to high-quality drug standards accepted globally, to become more credible and contribute to export earnings. These efforts will usher in a new era of Indian pharmaceutical leadership, characterized by path-breaking outcomes. The industry can then be part of India’s ambitious Viksit Bharat journey.”

Budget 2024 Expectations Live Updates: Ankur Goel, CEO and Founder of Skillible, said, “The upcoming budget under Modi 3.0 is poised to transform the education landscape in India. With an emphasis on digital literacy, vocational training, and research innovation, this budget aims to bridge the urban-rural divide and ensure equitable access to quality education for all. The integration of advanced technologies and the promotion of STEM education are set to equip the youth with the tools necessary to thrive in a competitive global economy. Furthermore, the focus on public-private partnerships will enhance the quality and reach of educational services. Under Modi's visionary leadership, this budget promises to lay a strong foundation for a knowledgeable and skilled India, ready to face future challenges with confidence and resilience.”

Budget 2024 Expectations Live Updates: Sumit Kumar, Chief Strategy Officer at TeamLease Degree Apprenticeship, said, “As AI reshapes the world of work, developing a comprehensive budget that focuses on enhancing the country's employability infrastructure is crucial. This includes overhauling skill policies, building digital infrastructure to bridge the education divide, and supporting innovation in skill financing. By addressing these areas, we can better prepare the workforce for the future demands of the modern economy.”

Budget 2024 Expectations Live Updates: Amit Vasistha, Founder and CEO, MyGALF said, “As a growing wellness tech company dedicated to holistic health for corporates, our budget expectations focus on fostering advanced operations and transparency. To achieve this, we advocate for the adoption of cutting-edge technologies like AI and IoT. Additionally, we propose the implementation of specific measures such as a GST holiday for startups with sales revenue below 20 Crores, subsidized debt funding by banks, and tax benefits for corporates investing in startups. Government subsidies on startup ecosystem-linked infrastructure, such as co-working spaces, IT, server costs, and employment cost burden sharing, are also crucial. Enhancing the security of SMEs remains paramount, shielding them from cybersecurity threats, economic fluctuations, and supply chain disruptions. By prioritizing innovation and R&D, we aim to drive transformative impacts on holistic health practices across India, ensuring a healthier and more secure future for all enterprises in this segment.”

Budget 2024 Expectations Live Updates: Krishan Gopal, CFO, Aye Finance, said, “As we approach July 23, 2024, anticipation is building for Finance Minister Nirmala Sitharaman's seventh Union Budget presentation. I believe this budget will lay the groundwork for India's vision of development by 2047. Given India's robust economic performance, many are expecting a strong focus on infrastructure development. We might see significant allocations for railways, renewable energy, and defense sectors. There is also a palpable hope among salaried individuals for some income tax relief - perhaps an increase in the standard deduction limit. The government might also use this opportunity to clarify its stance on the new tax regime, potentially offering incentives to encourage its adoption.”

Budget 2024 Expectations Live Updates: Sandeep Agrawal, Director and Co-Founder of Teamlease Regtech, said, “We already saw some major changes to the tax structure in the 2023 budget. As such, there might not be any major changes to it in the pipeline. However, we can expect announcements that enhance EoDB and consolidate the tax system while ensuring stability. I also hope there will be some progress towards the Direct Tax Code. The implementation of GST has reformed the indirect taxation system, and we can expect the Direct Tax Code to lower the tax burden and simplify the tax structure similarly. The Government can enhance the limits for each slab in the new tax regime in the upcoming budget to reduce tax liabilities for the middle class. Increasing the rebate limit in the 2024 budget will be a logical choice in getting taxpayers to switch to the new regime. These changes enhance disposable income and significantly boost their spending power.”

Budget 2024 Expectations Live Updates: Suchita Vishnoi, co-founder & CMO at GatewAI, said, “As India gears up for the upcoming budget, the tech industry anticipates a transformative phase that could set new benchmarks for innovation and growth. Expectations are high for increased allocations towards digital infrastructure, artificial intelligence, and cybersecurity, aiming to bolster India's position as a global tech hub. Industry leaders are hopeful for incentives to spur investments in startups and emerging technologies, furthering the vision of a digitally empowered society. Streamlined regulatory frameworks and policies promoting ease of doing business are anticipated to foster a thriving entrepreneurial ecosystem, driving sustainable growth and business innovation.”

Budget 2024 Expectations Live Updates: Sameer Aggarwal, Founder & CEO – Revfin, said, “As we anticipate the Union Budget from the newly formed Government, India’s electric vehicle (EV) sector beckons a strategic shift towards holistic growth aligned with the net-zero aspirations of Bharat. We anticipate government backing in green initiatives, particularly in the EV sector. With significant investments required for financing EV purchases, fintech companies like ours can play a vital role in facilitating access to funds, thereby promoting sustainable mobility solutions. Additionally, as the fintech market in India is projected to reach $1 trillion by 2030, we look forward to the government introducing clearer regulations and supportive policies in the budget to drive innovation, focusing on streamlined regulatory processes, increased funding opportunities, and enhancements in digital lending, SME financing, and cross-border trade facilitation. As we approach the new budget, our expectations are high for measures that will support the fintech industry's growth and contribute towards a greener, sustainable future, fostering economic growth and technological advancement in the EV sector.”

Budget 2024 Expectations Live Updates: Sandeep Katiyar, Co-Founder and CFO, Finhaat, said, “We are expecting indirect tax rationalisation on affordable health policies. Currently, there is 18% GST applicable on all health policies; we are expecting lower GST rates for affordable health insurance plans in the view of GoI initiative looking to universalise health insurance. Furthermore, we are expecting that there will amendment in Insurance Act 1938 for allowing entry of more regulated entities like Standalone Micro-insurance Co or Managing General Agent (MGA) - allowing this will support increase in the spread and insurance penetration. MGA are functional in other countries, they can share risk with insurance companies and distribute products without having Insurance Co-license.”

Budget 2024 Expectations Live Updates: Monica Malhotra Kandhari, Managing Director of Aasoka, said, “We hope that the forthcoming Union Budget under the Modi 3.0 government will provide increased funding and support innovative educational solutions. By investing in technology-driven and blended learning models, we can transform the education landscape across India. The National Education Policy 2020 emphasizes making learning interactive, engaging, and meaningful, and additional budget allocations can help bring this vision statement to life. In a country with over 1.5 million schools and more than 250 million students, it is crucial to provide robust academic support and necessary resources. Enhanced funding can facilitate the integration of digital tools in classrooms, assist teachers in creating comprehensive lesson plans, and ensure that students from all backgrounds have access to quality education. We believe that with the right support, we can empower the next generation of students to excel in an ever-evolving world.”

Budget 2024 Expectations Live Updates: Pranav Bajaj, CEO, Medulance, said, “We are on a mission to ensure that no medical emergency goes unserved. To achieve this critical goal, we require the unwavering support of the government. The upcoming union budget must prioritize both healthcare and road infrastructure, as these two pillars are essential for making healthcare accessible to everyone. Improved road infrastructure will facilitate quicker and more efficient emergency responses, ultimately saving lives. Enhanced healthcare funding will ensure better facilities, more trained professionals, and advanced medical technologies, providing comprehensive care for all citizens. Together, these initiatives can build a robust healthcare system that leaves no one behind.”

Budget 2024 Expectations Live Updates: Akshat Seth, Managing Director & CEO at HIL Ltd said, “The Government, in recent years, has strongly focused on an investment-led growth strategy, resulting in the development of quality infrastructure in the country. In the budget for 2023-24, the capital expenditure outlay of Rs. 10 lakh crore was nearly three times the outlay in 2019-20. Despite fiscal challenges, the Government has remained committed to infrastructure spending, allocating ₹11.1 lakh crore in the Interim Budget for 2024-25, up 11% from the previous year. This continued focus on infrastructure and productivity-oriented capacity has had a significant multiplier effect on economic growth and employment generation. Considering the success of recent years, we expect the Government to sustain the push towards investments in housing, highways, and rail corridors. This will augment long-term income growth and sustain demand for home and building materials in the country and also promote innovation in the industry. We strongly believe this will catalyze advancements in construction materials, sustainable practices, and employment generation.”

Budget 2024 Expectations Live Updates: Roland Landers, CEO, All India Gaming Federation said, “AIGF is determined to implement the Hon’ble Prime Minister’s vision for the online gaming sector through the continued expansion and transformation of this industry in India. To make India a game development hub and take “Make in India” games to the world, we look forward to substantial budgetary allocations being made under the AVGC fund which are aligned with the recommendations of the AVGC Task Force. There is also a need to institute and promote skill building and educational programmes which will nurture the next generation of game developers and professionals. Additionally, we anticipate long-term clarity and a progressive taxation regime for the skill gaming industry. A clarity on the GST will help drive the next phase of growth, provide conducive business environment, and revive investor confidence in the sector. These moves will make gaming a cornerstone of Digital India and be the catalyst for India to achieve its goal of a trillion-dollar digital economy.”

Budget 2024 Expectations Live Updates: Abhishek Aggarwal, Chief Business Officer, Birla Fertility & IVF, said, "In recent years, there has been an increased focus on healthcare, and government initiatives like Ayushman Bharat - Pradhan Mantri Jan Arogya Yojana (PM-JAY) and the National Health Mission have helped connect millions of people to essential health services and insurance. However, given the size of our country, this requires more impetus, particularly through increased public-private partnerships. In the infertility space, we hope to see a greater focus from the government. While India has the world's largest population, falling fertility rates will have an impact in the next 25-30 years. Research Report published by The Lancet suggests that India’s total fertility rate (TFR) is irreversibly plunging to 1.29, and by 2050, one in five Indians will be a senior citizen. The predictive scenario is alarming. We must not overlook the data and repeat the same oversights made by developed countries. Including fertility and IVF treatment under insurance coverage can make affordable healthcare a reality for all, bringing joy to many couples longing for parenthood. It will help build healthy families and secure the future of the nation."

Budget 2024 Expectations Live Updates: Varun Puri, Managing Director, Green Power International, said, “As we aim to achieve Net Zero emissions by 2070, we must accelerate our efforts and maintain a steadfast focus on our targets. Strategic planning is essential to meet these goals on time. The government has made significant strides in this direction, demonstrating its commitment to sustainable growth. From increasing budget allocations to supporting emerging technologies such as green hydrogen, each step drives us closer to our visionary goals. Investments are necessary to fund R&D to produce hydrogen with relatively coarse water quality, ideally close to seawater. This would allow the most efficient use of one of the most abundant natural resources i.e., water. To address carbon emissions, we must concentrate on other sectors that significantly contribute to emissions and promote sustainable development. Incentivising carbon capture and utilisation is one viable approach, as carbon capture presents a powerful solution until hydrogen costs decrease with scaling. In this Union Budget, we anticipate a strong policy framework to facilitate efficient growth and subsidies to encourage businesses to adopt emerging eco-friendly practices.”

Budget 2024 Expectations Live Updates: Jyoti Bhandari, Founder and CEO, Lovak Capital said, “Delving into economic echoes and navigating past trends to forecast future fiscal terrain with insightful reflections is crucial. Pre-budget deliberations are crucial for focusing on smart financial planning, especially regarding taxes. With potential new tax regulations on the horizon, individuals and businesses need to adjust their financial strategies proactively. To continue the current momentum and enthusiasm amongst investors, the MFI association has suggested bringing uniform tax slabs in the various asset classes. For instance, they have advised removing the tax element for the switch transaction, bringing uniformity in taxation for investments in gold funds and physical gold, and making PMS and AIFs more tax-efficient for investors. We believe the pre-budget season goes beyond numbers; it's about creating a personalized financial plan for sustainable growth. Through a thorough analysis of possible fiscal changes and strategic adjustments, we are dedicated to guiding our clients toward a future strengthened by financial prudence. By implementing effective tax management strategies tailored to the Indian context, we help our clients optimize their finances while reducing tax burdens. We are committed to supporting our clients through this important phase, setting them up for success in the upcoming fiscal year.”

The Modi government will announce the budget on July 23, with major focus on the fiscal deficit target and gross borrowing figures.